Californians Paid Higher Gas Prices as Oil Companies Made Massive Profits
November 17, 2022
Gas prices have a crippling hold on California drivers. As averages currently stand at $5.46 for regular and $5.80 for premium, what is the incentive for oil companies to lower their prices while their profits skyrocket? California refiners Phillips 66 and Marathon reported profit increases up to 1,243% higher than last year. BP spent $2.5 billion on share buybacks; a strategy companies use to increase the value of individual shares when they know demand for their product will increase. These profits come despite the fact prices of crude oil are going down.